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Nifty below 8100, Sensex weak; Bankex loses over 500 pts

Global markets are playing havoc with the Indian rupee breaching 63 per dollar for first time in 10-month from January 28. The markets are awaiting the outcome of two day FOMC meeting starting today.

11:00

The News International Team

Cuts become deeper as the Nifty tanks below 8100. The 50-share index is at 8099, down 120 points while the Sensex is down 410.09 points or 1.5 percent at 26909.47. About 392 shares have advanced, 1864 shares declined, and 61 shares are unchanged.

Banks and metals are effected the most. Bankes lost over 500 points while Metal index fell 3 percent.

Global markets are playing havoc with the Indian rupee breaching 63 per dollar for first time in 10-month from January 28. The markets are awaiting the outcome of two day FOMC meeting starting today. The Russian currency had tumbled over 50 percent against the dollar over the past half year on plunging oil prices and the west’s sanctions linked to the Ukraine crisis.

Russia was forced to ramp up interest rates in a desperate attempt to rescue its rouble while factory activity in China shrank for the first time in seven months, marking an increasingly turbulent end to the year for the global economy.

The relentless slide in oil prices, while a blessing to most rich world consumers, is becoming a curse for countries reliant on resource exports. Indonesia became the latest Asian casualty on Tuesday as its currency caved to fresh 16-year lows. Russia had to take drastic action to defend its currency, raising interest rates by no less than 5.5 percentage points to 17 percent in a shock midnight manoeuvre.

 

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The Indian rupee continues its decline as it breached 63 per dollar for the first time since January 28. It has opened lower by 31 paise at 63.25 per dollar against the previous day’s close of 62.94 a dollar.

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